The Redmond, Wash., company’s shares rose 3.6 percent — the most in a year — to close at $30.83, in heavy trading.

It’s unclear whether ValueAct plans to make waves in the Microsoft boardroom or whether the San Francisco fund intends to wait years for CEO Steve Ballmer to reignite the stock.

ValueAct founder Jeff Ubben, speaking at the Active-Passive Investor Summit in Midtown Manhattan, praised Microsoft’s enterprise software business and its potential to become a leader in cloud computing.

Ubben said he saw Microsoft accomplishing that in three to five years.

The $1 billion hedge fund, which owns a 15 percent stake in the chain, announced yesterday it plans to inject fresh blood into the company’s board despite there being no move by the company to set a shareholder meeting.

Starboard plans to do this by asking shareholders to cast their votes directly.

Starboard’s CEO Jeff Smith, also speaking at the investor conference hosted by activist tracker 13D Monitor, said he wants a board shake-up despite supporting Office Depot’s $976 million merger with OfficeMax, which is awaiting regulatory approval.

Smith said he also wants a new CEO, complaining that Neil Austrian, the current chairman and CEO, lacks retail experience.

After the two companies merge, Austrian will be considered to lead the company, along with OfficeMax’s CEO, Ravi Saligram.